Novae CFO steps down

The chief financial officer of Novae, Charles Fry, has stepped down from the board and will leave the company on October 31.

While a search for permanent replacement is undertaken, Reeken Patel will be appointed as interim chief financial officer, although he will not join the board.

Novae Group plc (the “Company”) announces that Charles Fry, Chief Financial Officer, is stepping down from the Board today and will leave the Company with effect from 31 October 2016. Reeken Patel will be appointed Interim Chief Financial Officer while a search for a permanent replacement is undertaken. Mr Patel will not join the Board of the Company.

Novae has said its outlook for Q3 remains in line with previous guidance.

Matthew Fosh, chief executive of Novae, commented: “On behalf of the Board, I would like to thank Charlie very much indeed for his substantial contribution to Novae since he joined the Board in April 2013. During this period, Charlie has played an important part in the significant transition in our business and has had a major role in many of our recent strategic initiatives.”

Fry commented: “Novae has established itself as a leading specialty insurance company and I am delighted to have played a part in this. I wish Matthew and the rest of the team every success in the next chapter of the Novae story.”